Embracing the New Normal: Guidelines for Small Businesses in Emerging Economies

Richard Boateng, Bryan Acheampong

Research output: Chapter in Book/Report/Conference proceedingChapterpeer-review

Abstract

COVID-19 has brought many challenges for small- and medium-sized enterprises (SMEs), and those in emerging economies have been particularly affected. Changes in the ways of conducting business with clients and building partnerships imposed risks on companies even beyond the pandemic. As the number of people working from home increases, companies have had to also face the lack of formality in the workplace. The companies that can adapt their business culture and embrace digitalization have greater chances of succeeding in the new normal. Further, even when COVID-19 is no longer a threat, it is advisable to keep the “new” health-related practices in the workplace and include them in the company’s processes and culture. These measures may require leaders and managers that are bold and dynamic in innovating, adapting, and growing their enterprises. Target Audience This chapter offers valuable insights for the leaders and managers of SMEs in a thirst for guidelines on embracing the new normal. The chapter can also be used as a case study material to teach the effects of the pandemic as part of graduate and undergraduate disciplines in business schools. First, it sheds light on the state of the business environment a year after the pandemic. Second, it echoes the idea of SMEs having a better chance of surviving beyond COVID-19 if they embrace the new workplace, invest in digital tools, encourage a business culture that fosters flexibility and adaptability, and remain open to fostering new partnerships.

Original languageEnglish
Title of host publicationDelivering Distinctive Value in Emerging Economies
Subtitle of host publicationEfficient and Sustainably Responsible Perspectives from Management Researchers and Practitioners
PublisherTaylor and Francis
Pages1-10
Number of pages10
ISBN (Electronic)9781000527193
ISBN (Print)9780367714710
DOIs
Publication statusPublished - 1 Jan 2022
Externally publishedYes

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